"Before You Buy" Vacation Ownership Tips
- If possible, experience the resort with a mini-vacation.
- Talk to current vacation owners.
- Read all documents carefully before you sign.
- Understand what type of product you are being offered.
- If there is something you don't understand, ask questions.
- Look for signs of good management.
- Look for a well-maintained property.
- Verify the resort's affiliation with an exchange company.
Buy to use!
Vacation ownership is a significant investment – not only financially, but in terms of future vacations. You should be sure the resort or club interests that you purchase can evolve with your lifestyle providing a variety of activities or exchanges.
Tips from other About Guides
- Timeshare Freebies
Time-Share developers sometimes offer free lodging in exchange for your attendance at a sales presentation. Sounds great, but shouldn't you do a little background work before jumping in?
- Selling Your Timeshare
You no doubt want top dollar and a quick sale for your timeshare transaction. For most sellers, those two events do not go hand-in-hand. Tips to help you sell your property and avoid the scam artists.
Vacation Ownership Terminology
Alternate Year Ownership - allows use of ownership product every other year. Costs less than annual ownership at comparable resorts.
Assessment - a share of funds required for payment of common expenses.
Bi-annual Ownership - allows use of ownership product every other year. Costs less than annual ownership at comparable resorts.
Fixed Time - unit is purchased for a specific week during the year.
Fixed-unit, Fixed-week Deeded Agreement - purchaser receives a deed allowing the use of a specific unit at a particular time every year, forever. Benefits may include tax advantages of ownership - right to rent, sell, exchange, or bequeath.
Floating Time - owner must reserve use in advance on usually a first-come, first-served basis. Price differences are often based on demand within each season.
Fractional Ownership - owners purchase a large share of a vacation unit, usually from five to 26 weeks.
Grace Period - a period of time, mandated by the state, to allow consumers to consider their purchase and give them the option of canceling with a full refund.
"Lock-off" or "Lock-out" Units - allows owners to occupy a portion of the unit and offer the remaining space for rent or exchange.
Points-based Programs - owner purchases points representing either a travel and use membership or a deeded real estate product. Points are used like currency to access various accommodations. Points are valued according to unit size, season, resort location, and amenitites.
Private Residence Clubs (PRC) - fractional real estate interests presented through the club format. Exclusive with high levels of service and amenities for the elite.
Right-to-use Plan - ownership remains with the developer.
Split Weeks - consumers who prefer shorter vacations may split the use of the interval into two separate visits at two different times of the year.
Vacation Club - Points based providing flexible use of accommodations in multiple resort locations.
